The Island Regulatory and Appeals Commission approved increases of 14.0 cents per litre in furnace oil prices, and 17.3 cents per litre in diesel prices on Friday morning. There’s no change in gas prices. Pump prices for diesel now range from 257.0 to 258.2 cents per litre, and the maximum price for furnace oil is 202.2 cents per litre. In announcing the price increases, IRAC said it recognizes that Islanders continue to recover from the impacts of Hurricane Fiona, with many households relying on petroleum products for power and heat – but that the recent price increases are reflective of global market conditions, including a decrease in supply and an increase in demand. The Commission adds that its role by law is to ensure a balance, that consumers pay a fair price for petroleum products and that wholesale suppliers and retailers make a reasonable rate of return. Earlier this week, Opposition Energy Critic Hannah Bell called on the Minister to review the legislation and regulations regarding IRAC’s fuel price reviews.